MeritValue

Enveric Biosciences, Inc.

ENVBdata completeness 50%16 fiscal years on file
The thesis, from the filings

Enveric Biosciences, Inc. earns about -329% on invested capital, and has bought back 29% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$49M1−$18.5M2−$17.3M3−$9.57M4−$8.77M4
Operating cash flow−$11.5M5−$17.1M6−$14.1M7−$7.73M8−$8.14M8
Capital expenditure$189,7199$584,16510$5,18011——
Free cash flow (derived)−$11.6M5−$17.7M6−$14.1M7——
Total debt—————
Cash & equivalents—————
Diluted shares472,3431.4M143,93841,908334,719

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$124.81
your share of equity
Profit it earned you last year
−$262.07
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $124.81 of net worth that earned you −$262.07 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-329% avg · 5y
FY21 -200%FY22 -107%FY23 -697%FY24 -474%FY25 -166%

It earned an average -329% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−29% shares · 5y

Share count is down 29% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-020625 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011210 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001296 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013294 (NetIncomeLoss)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-020625 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011210 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001296 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013294 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-020625 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011210 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001296 (PaymentsToAcquirePropertyPlantAndEquipment)